Small Businesses Could Be Caught in PPP Loan Forgiveness Process Into 2022 — and Beyond

Interviewed by American City Business Journals, Weaver’s Sonia Desai, Managing Director, and Sean Muller, National Practice Leader, share their insights on the recently passed Paycheck Protection Program Flexibility Act.

• Small businesses seeking loan forgiveness through the Small Business Administration’s Paycheck Protection Program could be caught in a process dragging out to 2022 — or even later, according to experts. Here’s how the process looks right now.

  “The SBA is requiring borrowers to retain documentation for six years after the date the loan is forgiven or repaid in full, and permit authorized representatives of the SBA, including representatives of its Office of Inspector General, to access such files upon request,” said Sonia Desai, a director in forensics and litigation services in the Austin office of tax and advisory firm Weaver.

Read the full interview with American City Business Journals here.

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